MMR Client Objectives
A leading national insurance provider hired MMR Strategy Group to conduct consumer research to determine what features of its insurance were most popular with its customers and the public, how it compared to the competition, and how to best position its new features in upcoming advertising campaigns.
MMR Research Objectives and Methodology
To measure consumer interest, awareness, and preferences for new features and programs, MMR Strategy Group chose to use conjoint and MaxDiff survey methods, recruited respondents online, surveyed respondents online, and delivered reports from a one week period.
MMR Strategy Group Survey Design
MMR derived a sample of representative consumers through demographic research provided by the client, and arrived at consumer segments through the study. The research also yielded 5 attitude-based segments for insurance, in general. We create consumer segments according to age, race, gender, income level, and geography, to name a few criteria, to better target the client’s marketing. It is also a helpful prerequisite to measuring consumer preferences because you are measuring your target market.
Our team designed a conjoint and MaxDiff survey to measure consumer preferences for new and existing products and services provided by the client and its competition.
Both surveys qualified respondents as
- Insurance owners who would consider the brand their direct provider
- Insurance owners who are aware of the brand
- Insurance owners in three consumer segments (referenced above) of buyer who would consider the brand a direct provider
Respondents were further qualified by age (between 21-65), gender, and those who had an existing relationship to the brand, who did not own an item to be insured, and those in certain locations, were excluded. The conjoint survey portion of the project asked whether qualified respondents had heard of the brand, if they would consider purchasing products from the brand, and how they would be buying their next policy.
The survey questionnaire then measured how customers felt about this type of insurance, using a scale of most or least likely to agree. Lastly, the MaxDiff survey asked a series of questions that measured how respondents felt about different features and options in insurance policies. This survey methodology asks respondents to conduct tradeoffs by rotating scenarios to measure the appeal of different features.
MMR Strategy Group Survey Findings and Reports
Our research identified five features with the highest rankings for our client, showed additional features in combination that ranked well, with results consistent across all consumer groups. We delivered a Total Unduplicated Reach and Frequency (TURF) analysis that identified combinations of features with the greatest consumer reach, which helps senior marketers and advertisers gain more reach for the highest ranking features. The TURF analysis demonstrated the feature combinations consumers preferred, making it easier to generate campaigns. The report also included a latent class analysis, which identifies buyer groups within the general market whose preferences match the rankings of the sample groups.
MMR Strategy Group designs market research surveys using well-established methods that offer insights beyond what we are contracted for. Our findings refine messaging to deliver products to the market more effectively. We are retained by some of the leading brands in the nation and are relied on by regulatory agencies and courts to offer survey evidence and testimony.
If you are looking for reliable market research to make decisions, contact us.